05/12/2012 - President Ricardo Martinelli today signed into law bills that reformed the Panama Savings Fund and the banana cooperative Coosemupar.
The reforms to the Panama Savings Fund will allow the funds to be used in the case of a state of emergency.
The reforms to the Coosemupar law will modify the agreement signed by the government in 1976 with the Chiriquí Land Company.
It will allow the government to comply with agreements reached with the former members of Coosemupar.
Deputy Minister of Economy and Finance Mahesh C. Khemlani said that the funds may only be used with the approval of the National Assebly based on detailed reports submitted to the Comptroller General.
"The funds can be used only after the costs have been verified," he said.
The funds can onlybe used if the costs exceed $170 million.
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